This is one reason the dollar loses value. The debt shrinks in real terms, so they aren't paying full price for anything. The other reason is to light a fire under people's wallets so that they spend faster.

The US national (federal) debt is 35 trillion dollars (most of it owed to itself in weird bookkeeping). The M2 money supply is 21 trillion. The US current account (total, worldwide) is -311 billion (billion, not trillion).

Japan holds about 3% of US debt. China is second with 2.6% of US debt, which is $860 billion. $860 billion is far less than 21 trillion or 35 trillion.

And if anybody wants to get mad that foreigners have claims on the US... get mad at Japan.... although Japan is more than 200% of GDP in debt itself.